Asian agricultural commodity trader Wilmar International confirmed net losses of $220m in the second quarter on the back of a weak performance of its oilseeds business.
Wilmar had warned last month that earnings for the three months to June had been hit by volatility in the soybeans market, writes Emiko Terazono, Online Commodities Editor.
The company, which reported earnings of $193m the same time last year, said its oilseed and grains unit had losses of $344m, blaming the poor results on the “untimely purchases of soybeans in a highly volatile market”. Quarterly losses at its sugar business widened from $38m last year to $79m.
Kuok Khoon Hong, chairman and chief executive, said the loss for the three-month period was “one-time” adding:
Barring unforeseen circumstances, the Group’s performance for the rest of the year is expected to be satisfactory.
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